Economic freedom: Top 20 nations, India falls to 111!

Economic freedom: Top 20 nations, India falls to 111!

India scores a dismal 111th rank in terms of economic freedom, behind countries like China, Nepal and Bangladesh, according to a global study of 144 nations.

India's ranking has fallen from 103rd position last year. The annual ranking, titled 'Economic Freedom of the World: 2012', by Canada-based public policy think-tank, Fraser Institute, in cooperation with independent institutes in 90 nations and territories, and claims to measure the degree to which the policies and institutions of countries support economic freedom.

The index published in Economic Freedom of the World measures the degree to which the policies and institutions of countries are supportive of economic freedom.

The cornerstones of economic freedom are personal choice, voluntary exchange, freedom to compete, and security of privately owned property.

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Image: A man stands in front of closed shops during a nationwide strike in Kolkata.Photographs: Rupak De Chowdhuri/Reuters.

Economic freedom: Top 20 nations, India falls to 111!

The United States, long considered a champion of economic freedom among large industrial nations, dropped to its lowest position ever in to the Fraser Institute's annual Economic Freedom of the World report.

Much of this decline is a result of high spending on the part of the US government.

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Image: New York City, United States.Photographs: Courtesy, Wikipedia Commons.